Need to make an offer on a house asap!!

[Changeitplease]

Bottom line is we like the house!! It is a new build and the developer has just lost out on the buyer today. It is the last property to sell and we have already shown our interest.
They have asked that if we are interested we can make an offer now. We have the agreement in principle.
Now question is what the offer should be? It is on market for £1.1 and apparently their last offer was full asking. Wise Mumsnet people - pls advise what should our offer be? We don't have anything to sell. In today's market what should be the offer? Any advice!!

Pleeeeeese can we have a link OP?

I'm googling 1 mil new builds and i can't find any.

It’s always a balance between how much you like the house and how far you’re prepared to pretend you don’t in order to save a few quid! I’d try 1.05 and see what happens. But if it seems credible that other people could gazump you it’s a risk to offer anything under full asking, so if this is the house you want and you love it, offer full asking.

I’m in a large city in West Yorkshire (bit outing!) lots of the new build estates here are reducing their asking prices as the new builds have been on the market now for months and not shifting. So I’d go in with a cheeky less than asking price offer. You can then offer more if required.

I wouldn't offer full asking. The developer will be keen to sell if it's the last one. I'd offer 1mil with a view of agreeing to 1.05

Why do people always assume a new build means an estate full of 3/4 house types?
Many, many new build houses go for 1m + but you have to realise they aren’t all as I’ve described above.

10% below is a normal first offer but in today’s market there’s nothing to stop you from trying your hand with even lower than that. You have all the cards and if it’s the last house they’ll want to sell and move on. Every day it’s on the market is lost revenue. They’re a business not someone who who’s put their heart and soul into it.

Do you normally find your houses via Google?

Many people buy land to build new houses on, many buy old properties and demolish them to build new houses on. You won’t find them on Google.

This one is £1.25million for a 4 bed.

https://www.rightmove.co.uk/properties/131934404#/?channel=RES_NEW

There are second hand new builds in the same location for half the price.

I don't know why people are being so weird about the new build aspect. I'd offer 1mil, sounds like you can afford it and you really want the house. Go too low and you risk pissing them off and there might be someone else in the running. I wouldn't risk it if I REALLY wanted a house for the next 15-20 years. You're buying a home not an investment.

Depends how upset you'll be if you miss out. Circumstances you're describing I suspect you weren't the only ones who got the call saying its back on the market today, whether you're the only ones still interested is a gamble.

950k if you like it but aren't super fussed, 1.05 if you're going to be gutted to lose it.

If it's on for £1.1 and it's a week before the end of the tax year and possibly their financial year, I'd be going in with an offer starting with a 9. A high 9 but nonetheless.

It's tricky, because if it's a desirable property and it's the last one then chances are you are not the only person they have asked to make an offer, so you'll need to be fast and chances are they will just go with whoever offers the most cash, they likely won't really care that much about whether you are in a chain or not.

So it's a balance between trying to save some money and potentially losing out entirely. Personally if you are absolutely sure you want the house I'd go in as high as you can afford. If you wouldn't be totally devastated to miss out, then go in a bit lower.

Page 1 of Google searching “exclusive new build developments”. It’s not that hard to find loads…

Just a few results from new build + Yorkshire …

I say go in at 950 especially if you are ready to go and able to commit to an ambitious timeline, they may counter offer so it leaves room to move jmo

There's a few in Bath

Totally daft to say whether or not an anonymous poster should put an offer in in a property when we all know bugger all about the OP’s financial (indeed all) circumstance.

and the fact she is urgently asking an anonymous parenting chat forum for their thoughts…. Is interesting

2 new builds in this small development are over £1m
https://www.fleurhomes.com/properties/kimberley-blakeney/

How much cheaper houses are where other people live is irrelevant.

This one is nuts, the garden is tiny!!

Because they HAD an offer. Had, not have. A non-existent offer is worthless.

Additionally, this is a developer - not a homeowner who can’t afford their new property if they don’t get the offer they want. They may well turn down £1m, but ultimately a developer needs to make a profit - and a house just sitting there unsold isn’t generating that.

Tiny?! Not everyone wants acres to manage!

I'm just agog that you're buying a 1.1 million house with no house to sell to fund it??!

Personally, I would never spend that much on a new build - they're mainly flimsy cardboard with low ceilings and boxy rooms.